Asos posts soaring profits

City A.M. Reporter
Fashion retailer Asos this morning posted pre-tax profits of £44.5m in the year to August, up from £31.7m the year previously.

Retail sales at the AIM-listed retailer rose to £538m over the year, with UK sales edging up to £205m. It posted a strong performance in overseas markets, and international sales were up 64 per cent to £333m.

Asos has bucked the gloom seen among many other British retailers, as disposable incomes are squeezed.

Earlier this month the company announced former Marks & Spencer non-food chief Kate Bostock would join Asos as executive director.